Gold vs. Cyclical Markets

Time for another pictorial representation of largely counter-cyclical gold’s standing vs. cyclical markets and assets using the associated ETFs. Let’s go with weekly charts this time to dial the picture out further.

Gold/US Stock Market maintains a bottoming posture as it has been on a hard pullback since the summer.

gold vs. us stocks

Gold/Global Stocks (ex-US) is better, with a clearer uptrend in play despite the hard pullback from the summer.

gold vs. global stocks

Gold/Commodities pulls back within a longer-term bullish structure. Dialing a bit further back on the following commodity views as more perspective is gained.

gold vs. commodities

Gold/Industrial Metals shot way upward in 2019 and has been in consolidation. It could be breaking consolidation now, but it could also be a jiggle within the flag.

gold vs. industrial metals

Gold/Oil (using yesterday’s close in gold and oil rather than ETFs because USO is not an accurate oil tracker) is pulling back from the summer and appears to be in a positive pattern but has not broken out. A breakout in this indicator would be a big boost to the gold mining industry.

gold vs. oil

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